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Ocwen Financial Corporation, one of the country's largest non-bank mortgage servicers, announced the appointment of Alan J. Bowers as a new independent director to the firm's Board of Directors, according to an announcement from Ocwen.

Meanwhile, the serious delinquency rate on Freddie Mac-backed single-family mortgage loans, dropped by seven basis points down to 1.66 percent, its lowest level since reporting 1.52 percent in November 2008 just as the crisis was beginning.

"In this month's MiMi three more states and seven metro areas moved within range of their benchmark level of activity," Keifer said. "However, as we've mentioned before, we're likely to see bouts of affordability shock with mortgage rate swings for the remainder of this year as market participants try to anticipate Fed timing around rising short term interest rates and expectations for global growth wax and wane."

MCS Valuations, LLC (MCSV), a nationwide provider of appraisals, broker price opinions, and other valuation-related products to the financial services industry, has named Rebecca English assistant VP of operations in Sandy, Utah, according to a recent press release.

Newbold Advisors, a Clearwater, Florida-based management consulting company that serves lenders, servicers, GSEs, MI companies, investment banks, and private investors in the financial industry, has announced the hiring of Detta Cutright as managing director of financial services as part of a continued, strategic growth strategy.

Altisource Portfolio Solutions S.A. recently announced in a press release that Jim Leath has joined the company as the VP of enterprise sales and business development for all of the company’s services.

The deeply delinquent status of the loans, which are three years delinquent on average, indicates that the borrowers have already been evaluated for or are in some stage of loss mitigation, or are in some stage of foreclosure. Twenty-nine percent of the loans in the pool were loans that were modified that later became delinquent.

Risk layering is largely responsible for the increase in risk on mortgage loans taken out by first-time buyers, according to AEI. Seventy percent of first-time mortgage buyers in April 2015 had a combined LTV ratio of 95 percent or more and 97 percent of them had a 30-year term. Without substantial home price appreciation, the low down payment and slow amortization makes it likely that these first-time buyers will have very little equity in their homes for many years.

The researchers discovered that mortgage loans with a CDS were much more likely to default than those without a CDS, because banks often allowed the riskiest subprime loans to be packaged into securities with CDS coverage.

In CoreLogic's May 2015 MarketPulse released earlier this week, Boesel examined the question of whether or not REO share was headed back toward "a more normal level." Its most recently measured rate of 10 percent is far below the share at the worst of the crisis, which was 28 percent. In some metros, the REO share got as high as 70 percent at the worst of the crisis.